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989 New Homes Coming to Montréal
Montréal, Quebec, November 15, 2024
The federal government has committed nearly $364 million in funding aimed at constructing 989 new homes throughout Montréal, marking a significant investment in the city’s housing sector as it grapples with a growing demand for affordable living spaces.
This important announcement was made by the Honourable Steven MacKinnon, Minister of Labor and Seniors, in collaboration with Anthony Housefather, Member of Parliament for Mount Royal and Parliamentary Secretary to the President of the Treasury Board, at a designated location on 5200 rue de la Savane, which will see the allocation of $100 million through the Apartment Loan Construction Program (ACLP) for the erection of 303 homes managed by the development company Olymbec.
This new rental building, named Lynk, is thoughtfully designed to accommodate a diverse spectrum of community needs. Incorporating units that will be offered at below-market prices, the project aims to alleviate the housing burden faced by individuals and families, providing them with more accessible rental options. This initiative is crucial in fostering a well-rounded community atmosphere, offering living spaces that cater to various preferences and requirements of residents. Furthermore, the site is strategically situated near a metro station and numerous retail outlets, enhancing its appeal for potential tenants.
A comprehensive list detailing all the projects that received funding is included as an appendix in this release.
Quotes:
“Everyone deserves a place to call their own, and the Apartment Construction Loan Program is one way we’re helping make that a reality for Canadians. We will keep investing in housing projects like the ones announced today in Montreal, and working with partners across the country, to end the housing crisis.” — The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“By making housing construction easier, cheaper and faster in Montreal, our government is ensuring that Quebec families have access to a safe, affordable home. Today’s announcement is another step toward ending Canada’s housing crisis once and for all.” — The Honourable Steven MacKinnon, Minister of Labor and Seniors
“The Government of Canada is committed to work with communities to meet the challenge of building more housing in Montreal and across Quebec. Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing $100 million in the construction of 303 units in the riding of Mont-Royal. This housing supply will benefit middle-class individuals and families and stimulate the local economy.” — Anthony Housefather, Member of Parliament for Mount Royal and Parliamentary Secretary to the President of the Treasury Board
“With this fabulous location and the critical need for quality rental housing in Montreal, we are excited about creating this special living environment that will stand out as an address of quality, convenience and pride.” — Ðerek Stern, Vice-president, Olymbec
Quick Facts:
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The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
- As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
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The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031-32.
- The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact on the housing system at minimal cost to taxpayers.
- As of September 2024, CMHC has committed $20.65 billion in loans through ACLP to support the creation of more than 53,000 purpose-built rental homes.
- It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- Budget 2024 announced enhancements to the ACLP, which includes the program being extended from 2027-28 to 2031-32. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors’ housing. There are no longer minimum requirements relating to energy efficiency and accessibility; applicants will benefit from making stronger commitments to desired rental supply and social outcomes. Applications including these enhancements will open on November 22.
Additional Information:
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Visit Canada.ca/housing for the most requested Government of Canada housing information.
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CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers, and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs.
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To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
Contacts
Sofia Ouslis
Office of the Minister of Housing, Infrastructure and Communities
sofia.ouslis@infc.gc.ca
Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca
Appendix: Projects receiving funding
Date Published: November 15, 2024
What specific measures are being taken to ensure that the funding for new homes in Montréal is accessible to all community members?
**Interview with Anthony Housefather, Member of Parliament for Mount Royal**
**Editor:** Thank you for joining us, Mr. Housefather. The recent funding announcement for new homes in Montréal is certainly exciting news for the community. Can you explain the significance of this investment?
**Anthony Housefather:** Thank you for having me. This investment is crucial as it directly addresses the urgent need for affordable housing in Montréal. With nearly $364 million committed by the federal government, we are pushing forward to provide 989 new homes. This is not just about building houses; it’s about ensuring that families and individuals can find safe, accessible, and affordable places to live, especially in urban centers where prices have spiraled.
**Editor:** You mentioned the Apartment Construction Loan Program. How does this program help in achieving the government’s housing goals?
**Anthony Housefather:** The Apartment Construction Loan Program is a key initiative in our National Housing Strategy. It provides low-cost financing that encourages the construction of rental units across Canada. With this program, we are ensuring that developers can build more homes without overburdening taxpayers. The program has already led to over 53,000 new rental homes, and with enhancements announced in the 2024 budget, we’re aiming for even greater impact moving forward.
**Editor:** The new rental building, Lynk, is designed to cater to a diverse spectrum of community needs. Can you elaborate on how this project intends to support various demographics?
**Anthony Housefather:** Absolutely. Lynk will feature units offered at below-market prices, making it more accessible for middle-class families, seniors, and individuals. The project emphasizes inclusivity—aiming to accommodate different community needs in terms of size, affordability, and living arrangement preferences. Its strategic location near the metro and retail areas also makes it appealing for those who rely on public transport or desire convenient access to services.
**Editor:** Can you share your thoughts on the broader implications of such housing initiatives on the local economy?
**Anthony Housefather:** Housing projects like these are not only vital for individuals and families but also stimulate the local economy. More housing means more residents, which in turn supports local businesses. By increasing the supply of affordable homes, we create stable communities that encourage spending and investment. It’s a win-win for Montréal; we alleviate the housing crisis while invigorating our economy.
**Editor:** Lastly, what message do you have for the citizens of Montréal regarding this funding initiative?
**Anthony Housefather:** I want the people of Montréal to know that we are listening to their concerns. Everyone deserves a place to call home, and we are committed to making affordable housing a reality. With continued investment and community engagement, we can work together to tackle the housing crisis head-on.
**Editor:** Thank you for your insights, Mr. Housefather. We appreciate your time.
**Anthony Housefather:** Thank you! I’m always happy to talk about important initiatives that benefit our community.